One important ____ of accounting is that personal assets must be kept separate from business assets
A) principal
B) principle
B
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The difference between net sales and the cost of goods sold equals the _____
a. net profit before taxes b. total costs c. operating expenses d. gross profit
The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.
Answer the following statement true (T) or false (F)
Laws and government regulations affect almost all business activities
Indicate whether the statement is true or false
Which of the following statements is true regarding insurance market conditions and underwriting results?
A) A combined ratio greater than one (or 100 percent) indicates profitable underwriting. B) In a "soft" insurance market, more retention is used than in a "hard" insurance market. C) Insurance rates are high and underwriting standards are tight when the insurance market is "hard." D) Property and liability insurance premiums and underwriting standards do not fluctuate over time.